Logic Communications chief executive officer Alan Richardson was yesterday named as the new chairman of financial regulator of the Bermuda Monetary Authority (BMA).

Mr. Richardson was appointed by Finance Minister Paula Cox as the BMA’s first non-executive chairman after new legislation required a separation of the roles of chairman and chief executive.

He will take over the role from Cheryl-Ann Lister, who resigned as both chairman and CEO of the BMA last September, citing the arrival of the change in the law as an opportune time to quit.

Under the amended Bermuda Monetary Authority Act, the chief executive is appointed by the Minister of Finance on the recommendation of the board, while the chairman’s role is a direct appointment of the Minister.

Minister Cox said: “I am delighted that Mr. Richardson accepted the offer to serve as the first non-executive chairman of the Bermuda Monetary Authority. I am confident that under his stewardship the Authority will continue as a strong and effective regulator of Bermuda’s financial service sector.”

The BMA is the independent regulator of the financial service sector and provides supervisory and regulatory oversight for licensed entities engaged in banking and deposit-taking business, trust business, investment business and insurance.

Mr. Richardson took over at the helm of Logic last November. He is qualified in Canada and Bermuda as a chartered accountant and has more than 30 years’ experience in the financial services sector.

In accountancy, he worked with Coopers and Lines, Hunter & Leighton and in his own firm.

He also spent 14 years with the Bank of Bermuda at a senior executive level holding the positions of executive vice-president, retail clients as well as head of banking and lending products.

Mr. Richardson is a graduate of Dalhousie University in Canada where he obtained a Bachelor of Commerce degree with first class honours. And he is a graduate of the Bank Administration Institute, and the Executive Education Programme of the Sloan School of Management, MIT.